Philippines' June imports value at four-month low

Reuters Staff

3 Min Read

* Electronics imports down 24.8 pct yr/yr to $1.1 billion
* June trade deficit at $370 mln vs yr-ago gap of $789 mln
* H1 trade deficit $4.03 bln vs $4.03 bln gap yr ago
MANILA, Aug 27 (Reuters) - Philippine imports in June fell
4.8 percent from a year earlier, the statistics office said on
Tuesday.
KEY DATA June May Apr Mar Feb Jan Dec
Imports ($ bln) 4.86 5.26 5.14 4.92 4.71 4.73 5.30
yr/yr chg (pct) -4.8 -2.4 7.4 -8.4 -5.8 -7.9 14.4
KEY POINTS:
- The country's largest imports are inputs used by the
semiconductor and electronics industry, also the biggest export
sector and a major contributor to the economy. Imports of
electronic parts in June fell 24.8 percent from a year earlier,
after contracting a revised 11.1 percent in May.
- Total imports in the first half of the year were down 3.8
percent to $29.6 billion from a year ago.
- The country had a trade deficit of $370 million in June,
narrower from its year-ago gap, bringing the total trade gap in
January-June to $4.03 billion.
- Exports, which account for about two-fifths of the
country's GDP, rose 4.1 percent from last year, the highest
growth in six months.
- The electronics industry group has said it expects 5 to 6
percent growth for the country's main electronics exports this
year despite a 6.2 percent contraction in the first quarter,
with expectations of a pick-up in global demand for smartphones
and tablets.
- The Southeast Asian nation is targeting GDP growth of 6 to
7 percent this year, after a 6.8 percent expansion in 2012.
Manila will release second quarter GDP data on Aug. 29, and
economists forecast annual growth likely stayed above 7 percent
for the fourth quarter in a row.
- Socioeconomic Planning Secretary Arsenio Balisacan has
said the government may lower this year's exports and imports
growth targets of 10 percent and 12 percent, respectively.
- The Philippine central bank left its benchmark interest
rate unchanged at a record low 3.5 percent on July 25, with the
economy expected to remain strong despite subdued global
prospects and possible external shocks.
(Reporting by Erik dela Cruz; Editing by Shri Navaratnam)